Ballard Announces U.S. Offering

VANCOUVER, Oct. 3, 2013 /PRNewswire/ - Ballard Power Systems (NASDAQ:
BLDP)(TSX: BLD) has announced that it has priced an underwritten
offering (the Offering) of 9,000,000 units at a price of U.S. $1.40 per
unit, for gross Offering proceeds of approximately U.S. $12.6 million.

Each unit in the Offering is comprised of one common share and 0.25 of a
warrant to purchase one common share. The common shares and warrants
are immediately separable and will be issued separately, and no units
will be issued or certificated. Each whole warrant is exercisable
immediately upon issuance, having a five-year term and an exercise
price of U.S. $2.00 per share. The warrants will be certificated and
will be delivered to the investors by physical delivery following the
close. There is no established public trading market for the warrants
and we do not expect a market to develop.

Ballard has granted the underwriters of the Offering a 30-day option to
purchase up to an additional 15% of shares and warrants for
over-allotments, if any. The net proceeds to Ballard from the Offering
are expected to be approximately U.S. $11.5 million, after deducting
underwriting discounts, commissions and other estimated offering
expenses and assuming no exercise of the underwriters' option. The
Offering is expected to close on or about October 9, 2013, subject to
customary closing conditions.

Proceeds from the Offering will be used to fund working capital
requirements, support continued growth as well as for other general
corporate purposes.

Cowen and Company, LLC is acting as the sole book-running manager of the
Offering and Lake Street Capital Markets is acting as co-manager.

The Offering is being made in the United States only under Ballard's
short form Canadian base shelf prospectus (the Prospectus), dated April
23, 2012, which has been filed with the Canadian securities regulators
in each of the provinces and territories of Canada, except Quebec, and
the corresponding shelf registration statement on Form F-10, which has
been filed with the Securities and Exchange Commission (SEC) under the
Multijurisdictional Disclosure System (MJDS) and was declared effective
by the SEC on April 24, 2012. A prospectus supplement (the Supplement)
relating to, and describing the terms of, the Offering will be filed
with the Canadian securities regulators on a non-offering basis, and
with the SEC under the MJDS, and once filed will be available at
www.sec.gov and www.sedar.com. Copies of the Supplement may also be
obtained from Cowen and Company, LLC c/o Broadridge Financial Services,
1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus
Department, Phone: 631-274-2806, Fax: 631-254-7140.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities, nor will there
be any sale of the securities in any state or other jurisdiction in
which such offer, solicitation or sale is not permitted.

Some of the statements contained in this release are forward-looking
statements regarding Ballard's liquidity and financing requirements,
within the meaning of the U.S. Securities Act of 1933, as amended, and
U.S. Securities Exchange Act of 1934, as amended, and forward-looking
information within the meaning of Canadian securities laws, such as
statements that describe the anticipated offering of securities under
the Company's Prospectus and registration statement and Supplement, and
the anticipated use of proceeds from the Offering. Since
forward-looking statements are not statements of historical fact and
address future events, conditions and expectations, forward-looking
statements by their nature inherently involve unknown risks,
uncertainties, assumptions and other factors well beyond the Company's
ability to control or predict. Actual events, results and developments
may differ materially from those contemplated by such forward-looking
statements. Material factors that could cause actual events to differ
materially from those described in such forwarding-looking statements
include risks related to the Company's condition requiring anticipated
use of proceeds to change, timing of, and ability to obtain, required
regulatory approvals, and general economic and regulatory changes.

These forward-looking statements represent the Company's views as of the
date of this release. There can be no assurance that forward-looking
statements will prove to be accurate, as actual events and future
events could differ materially from those anticipated in such
statements. Readers should not place undue reliance on any
forward-looking statements.